Radware Ltd. (Nasdaq: RDWR) tumbled 26 percent Thursday after reporting third quarter loss on target with First Call's expected loss of a penny a share.
Shares in the Israeli-based provider of Internet traffic management were down 21 1/16 to 58 15/16. The company completed IPO at the end of the third quarter. Officials in a statement were upbeat on the company's prospects. The fall could just be profit taking since the stock has doubled in the last three weeks (chart).
Net loss for the third quarter was about $60,000 compared to $154,000 for the corresponding period of 1998. Loss of 1 cent a share compared to a loss of 2 cents a share for the comparable three months in 1998.
Revenue increased to $3.6 million, compared with $1.4 million for the same period of 1998, an increase of 155 percent.
Total operating expenses increased to $3.2 million, compared to $1.4 million for the same period in 1998, due to expansion of sales and marketing activities. Operating loss was $182,000 compared with a $164,000 in 1998. Gross margin was up 84 percent for the nine months ended September 30, 1999.